Category Archives: Business

business news from China, Sweden and the world.

China creates open, fair atmosphere for regional trade

China creates open, fair atmosphere for regional trade

Stockholm, June 18 (Greenpost) — China always applies itself to create an open and fair environment for regional trade and investment, a Foreign Ministry spokesperson said on Thursday.

Spokesperson Lu Kang made the remarks after China and Australia signed a free trade agreement (FTA) on Wednesday after a decade of negotiations.

In early June, China and the Republic of Korea (ROK) also signed an FTA, another step to consolidate all-round cooperation.

“We are happy to see that our efforts have succeeded in removing obstacles and made steady progress, resulting in new achievement one after another,” Lu said.

Lu said Asia has become an important engine for global economic growth and will provide critical support to China’s development and prosperity.

The vast majority of countries in the region are more concerned about development, Lu said, noting that these countries want to expand cooperation. Enditem

Source Xinhua

Editor  Xuefei Chen Axelsson

China approves new infrastructure projects

Stockholm, June 10 (Greenpost) — China’s top economic planner announced Wednesday it has approved feasibility reports on seven new infrastructure projects, a sign of quickened fiscal spending to spur slowing growth.

The projects, including railways and airports, have combined investment of over 120 billion yuan (19.7 billion U.S. dollars), according to the website of the National Development and Reform Commission (NDRC).

The four airport projects are in the provinces of Hainan, Heilongjiang, and Xinjiang Uygur Autonomous Region. One railway project is planned in Guangxi Autonomous Region, and another will link Shangqiu-Hefei-Hangzhou.

The NDRC also approved an experiment base for China Academy of Civil Aviation Science and Technology Center for Aviation Safety Technology.

The projects will be funded by the central budget, local fiscal funds, and bank loans, according to the NDRC.

The government is looking to boost infrastructure investment to support faltering growth.

Earlier this year, railway construction was upgraded, including the raising of planned fixed-asset investment to 800 billion yuan, putting 7,000 km of new railways into operation and kicking off 64 new railway projects.

Economic growth slowed to 7 percent in the first quarter this year, down from 7.3 percent the previous quarter, fuelling speculation that further policy easing measures are on the horizon. Enditem

Source Xinhua

China releases draft environment tax law

China releases draft environment tax law

Stockholm, June 10 (Greenpost) — The State Council, China’s cabinet, on Tuesday released a draft law on environment tax for public opinion, which proposes levying tax on air- and water- borne pollutants, solid waste and noise.

The draft law was drawn up by the Finance Ministry, State Administration of Taxation and Ministry of Environmental Protection in a bid to promote an “energy saving, and environmentally friendly” industrial system, according to the Legislative Affairs Office of the State Council.

The draft law was submitted for review by the State Council last November and will be tabled at the top legislature should it be approved by the State Council. Enditem

Source Xinhua

China Inner Mongolia sets light rare-earth ore mining quota at 59,500t in 2015

China Inner Mongolia sets light rare-earth ore mining quota at 59,500t in 2015

Stockholm, June 10 (Greenpost) — North China’s Inner Mongolia Autonomous Region set mining quota of light rare earth ores in 2015 at 59,500 metric tons (tonnes), according to local department of land and resources on Wednesday.

Meanwhile, Inner Mongolia set the tungsten concentrate mining quota at 1,500 tonnes this year.

Earlier, China has set mining quota of rare earth ores in 2015 at 105,000 tonnes, unchanged from that in 2014, according to the Ministry of Land and Resources (MLR).

Of 105,000 tonnes of rare earth mining quota, the quota of medium-to-heavy rare-earth minerals amounted to 17,900 tonnes, while that of light rare-earth minerals stood at 87,100 tonnes, said the ministry.

The tungsten concentrate mining quota in the country was set at 91,300 tonnes in 2015, according to the ministry. (Edited by Hu Pingchao, hupingchao@xinhua.org)

Source Xinhua

China launches “Belt and Road” mining industry development fund

China launches “Belt and Road” mining industry development fund

Stockholm, June 10 (Greenpost) – China launched the first private equity fund for “Belt and Road” mineral resources and related industries in Beijing on Tuesday.

The “Belt and Road” mining industry development fund targets to raise 10 billion yuan before the end of this year.

The raised fund would be invested in quality mineral resource, infrastructures and related industrial chain projects in countries along the Silk Road economic belt, each with investment of no more than 200 million yuan. (Edited by Li Xiaohui, lixh@xinhua.org)

Source Xinhua

RMB23 bln invested in China’s shale gas E&P in 2009-2014

RMB23 bln invested in China’s shale gas E&P in 2009-2014

Stockholm, June 10 (Greenpost) – China had registered 23 billion yuan of accumulated investment in shale gas exploration and development between 2009 and 2014, according to the latest report by China Geological Survey with the Ministry of Land and Resources (MLR).

China had 54 shale gas blocks with a total area of 170,000 square km, and 780 shale gas wells had been drilled by the end of 2014, according to the report.

Shale gas developers reported near 500 billion cubic meters of shale gas geological reserves by the end of 2014, including 106.75 billion cubic meters of proven geological shale gas reserves by Sinopec Corporation.

By end-2014, China had 3.2 billion cubic meters of shale gas production capacity with accumulated shale gas output at 1.5 billion cubic meters and 1.3 billion cubic meters of shale gas output in 2014.

In 2015, the MLR would spend 680 million yuan in shale gas survey to guarantee realizing shale gas output targets. China aims to produce 6.5 billion cubic meters and 30 billion cubic meters of shale gas in 2015 and 2020, respectively.

In 2015-2020, China Geological Survey would execute a plan of conducting geological surveys on onshore energy and minerals and carry out a geological survey of shale gas in south China.

China Geological Survey plans to locate 80-100 prospective areas of shale gas and put 100-120 shale favourable gas areas as target regions for shale gas developers. (Edited by Liu Yanan, liuyn@xinhua.org)

 

Source Xinhua

China to invest RMB17 trln in environmental protection in 2016-2020 中国将在13五期间投入17万亿元用于环境保护

China to invest RMB17 trln in environmental protection in 2016-2020

Stockholm, June 10 (Greenpost) – China is estimated to invest over 17 trillion yuan in environmental protection in 2016-2020, according to Chinese Academy for Environmental Planning.

China’s Ministry of Environmental Protection (MEP) would focus on improving environmental quality in compiling national environmental protection plan for 2016-2020, which is expected to be submitted to the State Council for approval in March 2016.

The new five-year plan would add targets on improvement of environmental quality beside existing targets on cut or control of overall emissions, said a report by Economic Information Daily on Wednesday.

The environmental protection plan would involve green economy, nuclear safety, soil protection, biological protection as well as prevention and treatment of water pollution.

China would introduce amount control mechanisms over newly-added industrial smoke and dusts, volatile organic compounds (VOCs), total nitrogen and total phosphorus in 2016-2020. (Edited by Liu Yanan, liuyn@xinhua.org)

Source  Xinhua

Editor  Xuefei Chen Axelsson

China’s top coal firms dismiss merger rumors

China’s top coal firms dismiss merger rumors

Stockholm, June 9 (Greenpost) — China Shenhua Energy Co., Ltd. and China Coal Energy Co., Ltd., the nation’s leading coal producers, on Tuesday dismissed reports of a merger.

The two companies said neither they nor their parent companies have been informed on the matter of merger from government departments; meanwhile, neither company has talked with other companies or departments about any merger, according to separate statements by the two companies filed to the Shanghai Stock Exchange.

In the mainland stock market on Tuesday, shares of both companies surged by the daily limit of 10 percent. In Hong Kong, China Shenhua rose more than 3.6 percent; China Coal Energy gained nearly 7.5 percent.

There were rumors last month that China was considering massive mergers and acquisitions of its biggest state-owned enterprises (SOEs) to prevent in-fighting and build industrial giants able to face global competitors. A total of 112 centrally-administered SOEs were said to likely be cut by more than half to 40.

However, the State-owned Assets Supervision and Administration Commission later said reports about such massive M&As were “unverified.” Enditem

Source  Xinhua

Editor  Xuefei Chen Axelsson

Iceland to raise interest rate by half a percent

The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to raise the Bank’s interest rates by 0.5 percentage points. The Bank’s key interest rate – the rate on seven-day term deposits – will therefore be 5%, a statement reaching here from Iceland’s central bank said.

According to newly published national accounts, GDP growth measured 2.9% in Q1/2015. Consumption and investment grew by 6.4% and domestic demand by almost 10%. These figures, together with the strong recovery of the labour market, indicate that economic activity is growing broadly in line with the Bank’s May forecast.

Although inflation is still low, the inflation outlook has deteriorated markedly from the Bank’s last forecast, and inflation expectations have continued to rise. The outlook is for higher inflation than the Bank projected in May because wage increases recently negotiated have been significantly larger than was assumed in the May forecast.

In order to facilitate the conclusion of wage settlements, the Government has announced measures that will increase public expenditures and reduce tax revenues. This will entail an easing of the fiscal stance, other things being equal, as they have not been financed. Furthermore, the authorities have announced measures aimed to prepare for liberalisation of the capital controls. Some of these measures will generate revenues for the Treasury, and it is important that these revenues be allocated so as not to stimulate the domestic economy still further, i.e. by activating the hitherto sterile component of money holdings. The MPC will monitor developments closely and will take appropriate countervailing measures if necessary. In recent MPC statements, the Committee has repeatedly pointed out that large pay increases and strong growth in demand could undermine the recently achieved price stability and require that interest rates be raised again. The outlook for developments in wage costs, the increase in inflation expectations, and indicators of robust demand growth make it unavoidable to respond to the worsening inflation outlook now, even though inflation is still below target. Furthermore, it seems apparent that a sizeable rate increase will be necessary in August, followed by further rate hikes in the coming term, so as to ensure price stability over the medium term.

Overnight lending: 6.75%
Seven-day collateralised lending: 5.75%
Seven-day term deposits: 5.00%
Current account: 4.75%

INGRID Bergman in her own words to be shown in Sweden

INGRID Bergman in her own words to be shown soon in Sweden

By Xuefei Chen Axelsson

Stockholm, June 8 (Greenpost)– I’m Ingrid, a documentary film by Stig Björkman has moved the audience very much at its premier for the professional film makers and cinema owners as well as journalists.

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Ingrid Bergman, a great actress who won oscar award

twice the best actress and once best supporting actress in

Hollywood was remembered by her children and the one who used to work with her.

Stig Björkman can be her biggest fan as he collected all her films,

pictures and many more.

Now with interviews with her four children and her diary, Björkman

directed a successful film.

China Headlines: China launches three more free trade zones

China Headlines: China launches three more free trade zones 
    Stockholm, June 5 (Greenpost) --Three new free trade zones (FTZ) began official operation on Tuesday as China seeks to draw more international commerce. 
    The new zones were established 18 months after the first FTZ was unveiled in the financial hub Shanghai, which was designed to help streamline the overloaded administrative approval system and encourage innovation and internationalization. 
    Officials expect the new FTZs in Tianjin, Guangdong and Fujian will boost economic reform, promote trade and facilitate investment in new areas as the world's second largest economy moves away from an unsustainable export-dependent model. 
    Provincial-level officials attended the launching ceremony at the three zones Tuesday, when dozens of business licenses were ceremonially granted to registered enterprises. 
    Some businesses have already experienced the increased efficiency of working in the new zones. 
    Liu Qiya, the chief financial official with Tuwei Tongli Electrical Technology based in Xiamen, an open coastal city of Fujian, said his company was granted an operational license for the zone just three days after the application was submitted. The same procedure in other parts of the province could take weeks. 
    Antonio Fossanti, CEO of the Italian RDS, said the reason his retail company chose to operate in the Tianjin zone is the one-stop solution of problems concerning policy, customs, trade and marketing. 
    According to a detailed plan released on Monday, the new zones will be based on the Shanghai FTZ but catered to utilize their geographical locations. 
    By its first anniversary, the Shanghai zone had seen nearly 12,000 registered enterprises lured by a better trade and investment environment. 
    The Tianjin zone aims to better integrate the northern municipality with Beijing and Hebei Province. It will prioritize modern service industries, including shipping, culture and equipment manufacturing. 
    The Guangdong zone will deepen economic cooperation between the mainland and neighboring special administrative regions Hong Kong and Macao. It will have three bases in the cities of Guangzhou, Shenzhen and Zhuhai. 
    The Fujian zone will focus on developing economic cooperation between the mainland and Taiwan. It will cover three areas in Xiamen, Fuzhou and Pingtan, a new industrial park targeting investment from Taiwan. 
    The Shanghai zone, which has been more than quadrupled in size since it was established, will continue to strive for "the greatest openness" to facilitate investment and trade with currency convertibility and a sound legal environment. It will also further open its service and manufacturing industries. 
    All zones must adhere to the negative list, which details 122 prohibited or restricted areas for foreign investment, ranging from Internet news services, production of radio and television programs to non-ferrous metal mining. This number has been reduced from 139. 
    Foreign investors will be subject to the same rules and regulations for new investment as domestic firms. 
    Experts believe that these fresh zones are strategically important for the "belt and road" initiative, which aims to better connect Asia, Europe and Africa, as a way to boost investment and consumption. 
    Shao Yu, Shanghai-based chief economist of the Orient Securities Co.,Ltd., said the four FTZs will be crucial "supporting points" for the belt and road initiative. 
    "More opening-up moves are needed in regions such as southwestern Yunnan and Tibet for the new strategic layout," he said. 
    Wang Shouwen, assistant minister of commerce, said the new zones will not just copy the Shanghai zone but also break fresh ground in areas such as investment administration, trade regulation and financial systems. 
    The replication of successful reform measures is a common strategy in the reform and opening-up drive. The Shenzhen Special Economic Zone, founded in 1980, has been rolled out along the entire east coast over the past three decades. 
    That zone allowed foreign investment to develop the manufacturing industry, a driving force behind the economic boom of previous decades. 
    FTZ fever has caught the attention of officials across the country, with many pushing for their regions to be included in the next batch of FTZs. 
    However, observers warn that the central government must ensure that the FTZs are used to pioneer reform measures, and that their policies are correctly implemented. 
    Foreign business groups have said that the Shanghai zone brought improvements but they expected "more tangible benefits" of financial reforms, such as full convertibility of the yuan. Enditem
Source Xinhua
Editor  Xuefei Chen Axelsson

 

Latest news: China’s Eastern Star Ship righted

Xuefei Chen Axelsson

Stockholm, June 5(Greenpost)–The search and rescue team has righted the capsized cruise ship in the Yangtze River following more than 12 hours of work, according to CRI.

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The operation started Thursday night after no more survivors were found following three days of search and rescue efforts.

The rescue headquarters says righting the ship would help find the missing people “in the shortest possible time”.

The death toll from the shipwreck stands at 97.

More than 350 remain missing.

Only 14 people have been found alive so far.

Chinese Premier Li Keqiang has been to the rescue site twice to direct the rescue work, look at the rescued persons and the soldiers,

divers and many others.

The ship was believed to capsize due to the severe storm and the

tornado it met.

The ship capsized within just a couple of minutes. It was too quick to

send out rescue signals.  The message was sent out after a guide swam out of the river.

The last one who was rescued out was a 65 year old lady.

Chinese army, navy and air force as well as transportation and communication ministries have all sent out people to the site.

More than 4600 soldiers and 200 divers participated in the rescue.

China Headlines: China eyes bigger global role with Chinese solutions

China Headlines: China eyes bigger global role with Chinese solutions

Stockholm, June 5 (Greenpost) — China on Sunday pledged to play a bigger role in international affairs while stressing its commitment to peace and justice by advancing win-win cooperation and common development.
Foreign Minister Wang Yi highlighted old Chinese wisdom and modern approaches in the country’s diplomacy at a press conference on the sidelines of the national legislature annual session.
The top Chinese diplomat took an array of questions on subjects ranging from China’s relations with the United States and Russia, to a military parade it will stage to mark the victory in World War II and the situation on the Korean Peninsula and warring northern Myanmar.

PARTNERSHIP, NOT ALLIANCE
The minister said China’s diplomacy in 2015, with two main themes of peace and development, will focus on making progress in the “Belt and Road” infrastructure initiatives.
China has said on many occasions that the initiatives, proposed by President Xi Jinping to upgrade cooperation between countries in Asia, Europe and Africa, are not exclusive and not a tool of geopolitics like the Marshall Plan.
Wang turned to a musical metaphor, “The initiatives are not a solo for China, but a symphony performed by all the countries involved.”
The hallmark of Chinese diplomacy with major countries is win-win cooperation, he said.
It includes upholding an independent foreign policy of peace and equality among all countries, he said, adding that these ideas originate from Chinese traditions and reflect the socialist principle.
He said China is blazing a new diplomatic path of “making partners rather than allies.”
China has established formal economic partnerships with more than 70 countries and many regional organizations.
While advocating that the current international order needs to be updated, Wang said his country has “no intention of overturning it or starting all over again,” 70 years after the end of WWII and the founding of the United Nations.
“It is very important to safeguard the legitimate rights and interests of developing countries which are in the majority of the world,” he said.
The minister promised to work with other countries to increase cooperation in combating cross-border corruption, an extension of the anti-graft declaration adopted during the Asia-Pacific Economic Cooperation meetings last year in Beijing.

MICROSCOPE, TELESCOPE
On relations between China and the United States, Wang said the world’s two biggest economies should not “magnify problems through a microscope,” but instead “use a telescope to look ahead to the future.”
He said that President Xi’s scheduled visit to the United States in September will inject “new momentum” into one of the world’s most important partnerships.
The minister also noted that Beijing and Washington, as they exert “pioneering efforts” to build a new model of major-country relations, will encounter obstacles along the path, calling for more trust between them.
With Russia under Western sanctions over the Ukraine crisis, Wang said that China’s relations with Russia will not be affected by “international vicissitudes” and are not aimed at any third party.
The two countries, with a comprehensive strategic partnership of coordination, will prioritize cooperation in areas including railways, finance and oil and gas.
Meanwhile, Wang said China will cooperate more with Africa on industrialization, sanitation and security and peace. It will also liaise with India to facilitate settlement of the boundary issue.
This year marks the 70th anniversary of China’s victory in the Chinese people’s War of Resistance against Japanese Aggression. Uncertainties overshadow ties between China and Japan, with territorial and historical disputes being far from resolved.
Wang, a former Chinese envoy to Japan, asked Japanese politicians to use their sense of conscience in judging history 70 years after Japan lost the war.
China is planning commemorative events, including a military parade, to mark the 70th anniversary and will invite foreign leaders to China for the commemorations.
China welcomes the participation of “anyone who is sincere about coming,” Wang said.
“By staging those commemorations, China will expand its convergence with other peace-loving countries and peoples,” said Prof. Gong Fangbin at the National Defense University of the People’s Liberation Army.

MEDICINE, SOLUTIONS
With its growing presence worldwide and increasingly interwoven interests in some regions, China has been seeking to address global hotspot issues by “putting forward Chinese solutions.”
“The most striking feature of China’s diplomacy last year was its activeness,” said Zhang Yunling, an international studies specialist who is also a member of the National Committee of Chinese People’s Political Consultative Conference. “It matches China’s role as a major player in the world.”
Over the past year, China, which has been following the principle of non interference with internal affairs of other countries, mediated on a host of regional issues, including in Afghanistan, Iran and South Sudan.
“When approaching a hotspot issue, we first need to take the pulse, adopt an objective and impartial attitude, and understand where the issue has come from and establish conceptions based on facts,” said Minister Wang, taking a metaphor from traditional Chinese medicine.
He pledged to follow a multi-pronged approach that seeks a political settlement addressing the concerns of all involved, rather than resorting to the use of force or sanctions.
The minister also urged stability in the conflict-hit northern Myanmar and called for calmness and restraint as the situation on the Korean Peninsula entered another delicate period.
Wang said that China would properly handle regional conflicts and advocate dialogue between cultures, religions and ethnic groups to counter terrorism, which was called by him as a “common scourge to mankind.”
The minister defended China’s construction on South China Sea islands and reefs, saying the move is lawful and justified.  Enditem

 

Source   Xinhua

Editor  Xuefei Chen Axelsson

Facebook: chenxuefei7

Twitter: chenxuefei7@hotmail.com

 

Chinese companies strive to lead development in 5G technology

Chinese companies strive to lead development in 5G technology 
 
    BARCELONA, Mar.4 (Greenpost) -- Chinese telecommunications firms such as Huawei look certain to lead the development into 5G technology, if events at the 2015 Mobile World Congress (MWC) currently being held here are anything to go by. 
    With the Internet of Things (IoT) and the Internet of Vehicles (IoV) hot topics in Barcelona, it is obvious that the 4G network simply isn't going to be enough to carry the estimated 100 billion internet connections that are needed, something Huawei's acting CEO, Ken Hu has described as "a huge challenge for the mobile industry." 
    "Everything will be connected: our toothbrushes, our sneakers, glasses, watches...as well as forklifts and robotic arms used in factories," said Hu, stressing that 5G, with a capacity 1,000 times greater and an estimated 100 times faster than current 4G networks, can make that connected future possible, providing the speed needed for self-driven vehicles, for example. 
    Hu is not alone in thinking that way. Jurgen Escalon from Wibro Technologies commented to Xinhua: "obviously we are waiting for it (5G), in some parts we are still waiting for 4G to work but I think we are part of the business where this will help us to deliver. It's more mobile," 
    Escalon expects companies such as Huawei to be leading the charge towards 5G, but admitted he hoped they would not be the only contenders. 
    "It looks like Chinese companies will be in the lead, but there are strong contenders in other parts too, so we hope the competition will help drive it faster," he said. 
    At the MWC, Huawei signed a collaboration agreement with Japan's major mobile operator, DOCOMO for both companies to test 5G remote access technology (RAT) in the latest of a series of agreements with countries from all around the globe. Huawei backed the commitment further, announcing plans to invest at least 600 million U.S. dollars in research and development in the technology over the next three years. 
    "5G development needs a standard to be defined, but as I see it, it's for supplying load for the IoT, developing to support the massive uptake of video on demand and to realize the extent and proliferation we are going to rely on mobile data to interact with our world. It is very interesting and exciting," said Colin Brown from Spark Connect in New Zealand, which has Huawei as their core provider. 
    "We are interested in seeing where the evolution takes us. We see China playing a big role on our part," he concluded. 
    Orlando Pereira from Paraguayan mobile operator, VOX, highlighted the role Chinese companies had already played in 4G development, and expects to see something similar in the case of 5G. 
    "5G is making very rapid progress, it is a relatively new technology and there is not a lot of information which has been made public," he explained. Pereira speculated it would "probably need a spectrum of frequencies and that is going to depend on the distribution in the world and in that we think that the Chinese companies are once again going to be important." 
    Hu agreed, having previously said the "telecom sector should open its doors and proactively embrace and dialogue with other industries to define 5G standards." 
    "Our ability to imagine the future is still quite limited, but we know it will be a super-connected and super-intelligent world and we are at the beginning of the beginning," he said.  Enditem
SOURCE Xinhua
Editor  Xuefei Chen Axelsson

Commentary: More trust from the West in China-Africa cooperation key to Africa’s takeoff

Commentary: More trust from the West in China-Africa cooperation key to Africa’s takeoff

 

by Guo Jun

Stockholm, June 5 (Greenpost)– The year 2015 marks the 15th anniversary of the Forum on China-Africa Cooperation (FOCAC), a milestone which has seen China and Africa accelerate their steps in expanding cooperations in various fields for the past 15 years.

Infrastructure projects built by Chinese companies are quickly popping up around the continent. Up to now, China has completed 1, 046 projects in Africa, building 2,233 kilometers of railways and 3,530 kilometers of roads, among others, promoting intra-African trade and helping it integrate into the global economy.

However, as Africa is benefiting from the fruits of trust established with China very long time ago, some in the West have been watching all these with doubtful, or green eyes, hence fantastic theories like “neocolonialism” and “China is exploiting Africa’s resources” are floating up.

Believers of such theories seem to ignore the simple fact that Western powers have been holding their grounds in production of natural resources like oil, gas and minerals in many African countries.

According to a report quoted by the Wikipedia, joint ventures between foreign companies and Nigerian government account for approximately 95 percent of all crude oil output in Nigeria, while local independent companies operating in marginal fields account for the remaining 5 percent. And the top six foreign companies operating in Nigeria are all of western origin, including Shell Nigeria who accounts for 50 percent of Nigerian’s total oil production.

The same story happens in many other African countries: Angola, Zambia, Botswana, etc., a story neglected by some people in the West perhaps because they have taken this for granted for too long to remember.

China has grown into one of the major trading partners with Africa. Winning infrastructure project bids with lower cost, quick delivery and good quality, buying and selling goods for each other’s needs, at both parties’ willingness, aren’t these market economy practices?

“Some say that China is conducting ‘concrete diplomacy’ by helping Africa with infrastructure development. I believe that is what badly needed by Africa in pursuing economic growth,” China’s Foreign Ministry Spokesperson Hua Chunying told a recent press briefing.

Infrastructure projects, investment in manufacture and aids in health sector are China’s main gifts to Africa as the continent strides towards a more integrated and promising one, especially with a continental free trade zone encompassing 26 African countries being close at hand.

Ugandan President Yoweri Museveni told the Financial Times in October 2014 that his main preoccupation was to build efficient infrastructure capable of providing inexpensive services to boost GDP growth to double digit levels.

He said China was a desirable partner in this endeavor not only because of its funding capabilities but also because it desists from interfering in the internal affairs of other countries.

Africa is big enough to consume investment from China and the West. According to the World Bank, an extra 93 billion U.S. dollars is needed every year over the next decade to bridge the infrastructure deficit alone in Africa.

The efficient West-China cooperation on the continent will provide greater opportunities for African countries, particularly in the area of technology transfer, peace and security operations as China is increasing its coordination with United Nations peacekeeping missions.

There should be more confidence and trust from the West in the engagement between China and Africa, and also more trust from the West that China is a reliable partner to cooperate to help Africa loose no time in taking off so as to benefit the whole world. Enditem

Source  Xinhua

Editor  Xuefei Chen Axelsson

Facebook: chenxuefei7

Twitter:  chenxuefei7@hotmail.com